CAVA Group (NYSE:CAVA) Hits New 12-Month High After Strong Earnings

CAVA Group, Inc. (NYSE:CAVA) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $169.00 and last traded at $169.00, with a volume of 521561 shares changing hands. The stock had previously closed at $145.03.

The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. The firm had revenue of $243.82 million for the quarter, compared to the consensus estimate of $233.05 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.23%. The company’s revenue for the quarter was up 38.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.06 earnings per share.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CAVA. JPMorgan Chase & Co. lifted their price objective on CAVA Group from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday. Jefferies Financial Group upped their target price on CAVA Group from $94.00 to $117.00 and gave the company a “buy” rating in a report on Friday, August 23rd. William Blair reiterated an “outperform” rating on shares of CAVA Group in a report on Wednesday. TD Securities raised their price objective on CAVA Group from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, UBS Group assumed coverage on shares of CAVA Group in a research report on Friday, September 27th. They set a “neutral” rating and a $135.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and an average target price of $136.57.

Insider Buying and Selling at CAVA Group

In other news, CFO Tricia K. Tolivar sold 5,000 shares of CAVA Group stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.64, for a total transaction of $628,200.00. Following the sale, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at approximately $36,762,264. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Tricia K. Tolivar sold 5,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.64, for a total value of $628,200.00. Following the sale, the chief financial officer now owns 292,600 shares of the company’s stock, valued at $36,762,264. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brett Schulman sold 201,504 shares of CAVA Group stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the sale, the chief executive officer now owns 702,590 shares in the company, valued at approximately $88,196,122.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 304,994 shares of company stock worth $38,310,084 in the last quarter. 12.10% of the stock is owned by insiders.

Institutional Investors Weigh In On CAVA Group

Several hedge funds have recently made changes to their positions in the company. Bridgewater Associates LP lifted its position in CAVA Group by 103.4% in the 3rd quarter. Bridgewater Associates LP now owns 20,787 shares of the company’s stock worth $2,574,000 after buying an additional 10,568 shares in the last quarter. Quantbot Technologies LP boosted its stake in shares of CAVA Group by 323.4% during the 3rd quarter. Quantbot Technologies LP now owns 49,627 shares of the company’s stock worth $6,146,000 after acquiring an additional 37,906 shares in the last quarter. FMR LLC boosted its position in CAVA Group by 0.9% during the third quarter. FMR LLC now owns 3,485,033 shares of the company’s stock worth $431,621,000 after purchasing an additional 29,668 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of CAVA Group by 5.5% in the third quarter. The Manufacturers Life Insurance Company now owns 22,162 shares of the company’s stock valued at $2,745,000 after purchasing an additional 1,155 shares during the period. Finally, DRW Securities LLC bought a new stake in shares of CAVA Group during the 3rd quarter worth $606,000. Hedge funds and other institutional investors own 73.15% of the company’s stock.

CAVA Group Price Performance

The firm has a market capitalization of $16.84 billion, a P/E ratio of 320.24 and a beta of 3.23. The business has a 50 day moving average price of $130.75 and a 200 day moving average price of $103.50.

CAVA Group Company Profile

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.